<img src="http://admins.liquidpoker.net/staff/Defrag/PointPoker_Banner/shaky.jpg" align="right" style="margin:5px; border: 1px solid black;">The rumors were there for a long time, but a couple of days ago it had been confirmed: Austrian-based Bwin and Gibraltar-based PartyGaming have finally been finalized a contract with details of a new merge in the pokerworld.
Long story short: PartyGaming and Bwin are going to merge and the process should be finished within first quarter of 2011. This will result in the biggest publicly traded online gaming conglomerate in the world. Last year, Bwin and PartyGaming combined earned €682 million ($892 million) offering players online poker, sports betting, blackjack and bingo.
“This is a transformational opportunity for both our companies to create the world’s largest listed online gaming business,” PartyGaming Chief Executive Officer Jim Ryan says in the press release. “With market leading positions in poker, sports betting, casino and games – in particular bingo – the new company will have a winning formula to exploit the growing online gaming market, supported by a strong balance sheet, significant cash flow generation and a highly experienced management team.”
Norbert Teufelberger, the Co-Chief Executive Officer of Bwin commented as well: “This merger of equals makes great strategic, operational and financial sense. We will be in pole position to capitalize on the wealth of opportunities that will flow from the continued evolution and expansion of the global online gaming industry.”
Ryan and Teufelberger will both be the CEO's of the new company, while the board of directors will also be split equally between Bwin and PartyGaming. The new company will have a net worth of nearly €3.4 billion (approx $4 billion).
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